Jadestone Energy Doubles Stake in North West Shelf Oil Project Off Australia

Credit: Jadestone Energy
Credit: Jadestone Energy

Asia Pacific-focused Jadestone Energy has this week executed a sale and purchase agreement to acquire the non-operated 16.67% working interest in the Woodside-operated Cossack, Wanaea, Lambert, and Hermes ("CWLH") oil fields development, offshore Western Australia, from Japan Australia LNG (MIMI).

The fields are located within four production licenses (WA-3-L, WA-9-L, WA-11-L and WA-16-L) in the North Carnarvon basin offshore north-west Australia, known as the North West Shelf Oil Project.

Jadestone will pay a total initial cash consideration of US$9 million, and certain subsequent Abandonment Trust Payments (the "Acquisition"). The acquisition will increase Jadestone's non-operated working interest in the CWLH fields from 16.67% currently to 33.33% on completion.

The acquisition includes MIMI's entire 16.67% working interest in the CWLH fields, subsea infrastructure, Okha FPSO, and full abandonment liabilities. Jadestone will make payments of up to US$111 million in connection with the acquisition, comprising a consideration of US$9 million and up to US$102 million into the CWLH Abandonment Trust Fund in three installments in 2024.

Jadestone is acquiring 11.8 mmbbls net, comprising 0.2 mmbbls of production since the effective date, 5.1 mmbbls of 2P Reserves and a further 6.5 mmbbls of 2C Resources (both as of December 31, 2022).

Jadestone Energy acquired its first 16.67% working interest in the Cossack, Wanaea, Lambert, and Hermes ("CWLH") oil fields development offshore Australia from BP back in November 2022.

Current News

Talos Energy Names Spath EVP & Head of Operations

Talos Energy Names Spath EVP &

Offshore Wind: Great Lakes Awarded Another Rock Install Job

Offshore Wind: Great Lakes Awa

UK, Finland, Estonia Practice Subsea Infrastructure Protection in Baltic Sea

UK, Finland, Estonia Practice

Snam Finalizes Purchase of FSRU for Ravenna

Snam Finalizes Purchase of FSR

Subscribe for OE Digital E‑News

Offshore Engineer Magazine